K-1 Summertime Blues

K-1 tax statements due in summer are often late, and hard to deal with.

This transcript has been automatically generated and may not be 100% accurate.

... the ... the a ... the deal were selling you work with have a trust partnership and ask or ... any of these things produced tax documents called tier one status that are pretty gnarly fibula ... summer is that I wonder supposed to be coming out ... this is a good time to make sure that everything on him is correct ... this can really go wrong with K once first of all they can be extremely long they're very complicated ... oftentimes the items that are on a key one half to be reflected in lots of different parts of tax returns this important again right ... this can really blow up the KYN ... just the wrong address for example things can be that simple because some trucks that use cane ones there been using them are sated in another state from the one with a personally and it's ... not all states allow certain kinds of trucks ... so if your client for example has the trust that's aided in South Dakota ... and a deduction has the declines addressed living in New York on it what a blow up a trust essentially sitting a little technical errors that anyone believe some of the mistakes they really can be made me seem really obvious by ... their vendors did some reading recently about um how to make sure that you guard against these small mistakes ... I think the is a social security number attacks carried the number ... also making sure that partnership interest the actual night interested in for a bit of history has for example is is is adequately inaccurately reported so what is the matter to get the D tells right in the key one ... well the IRS or creditor can challenge a trust for partnership on any of these kinds of vehicles ... and they do ... and what are the ways that they can win and so that's the person said having to pay tax on things they might not have to work or how to ... get over assets to creditor ... is in a little clerical ... mistakes essentially denounce the clerical mistakes ... something is wrong doesn't address ... as long as the social security number ... on the wrong name of the Truss for example a partition all of these little things so ... he really aware in the UK once make sure that you're letting the tax tail WAG the dog ... the ... the ...